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LPL Financial (LPLA) investor relations material
LPL Financial Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary31 Jul, 2025
Executive summary
Total advisory and brokerage assets reached $1.9 trillion as of Q2 2025, up 28% year-over-year, with strong organic net new asset growth and an expanded advisor base of over 29,000 and 1,100 institutions.
Achieved record financial performance with 16% adjusted EPS growth, 12% net income growth, and robust gross profit increases.
Successfully completed the Atria Wealth Solutions conversion and closed the $2.7B Commonwealth Financial Network acquisition, significantly increasing scale and capabilities.
Maintained industry-leading advisor retention and continued expansion through organic and inorganic initiatives, including new affiliation models and institutional partnerships.
Demonstrated resilience with disciplined expense management and natural hedges to market volatility.
Financial highlights
Q2 2025 total revenue was $3.84 billion, up 31% year-over-year; gross profit reached $1.304 billion for the quarter and $4.93 billion for the LTM.
Adjusted EPS was $4.51 for Q2 2025 and $18.07 for the LTM; adjusted pre-tax margin was 37–38%.
Organic net new assets were $21 billion for Q2 and $186 billion for the LTM; advisory assets comprised 55% of total assets.
Net income for Q2 2025 was $273 million, up 12% year-over-year; adjusted EBITDA was $688 million, up 29% year-over-year.
Client cash balances ended at $51 billion, up $7 billion year-over-year but down $2 billion sequentially.
Outlook and guidance
2025 Core G&A expense outlook is $1.72–$1.75 billion, increasing to $1.88–$1.92 billion with Commonwealth integration.
Core G&A growth expected to slow to 5–6.5% as efficiency gains materialize; Q3 core G&A expected at $495–$510 million.
Anticipate run-rate EBITDA benefit of ~$150 million from Atria and ~$415 million from Commonwealth post-integration.
Leverage ratio expected to rise to 2.25x post-Commonwealth close, with a plan to deleverage to 2x by 2026.
Commonwealth asset conversion expected by Q4 2026; First Horizon Bank onboarding in Q3 2025 to add $17 billion in assets.
Why did advisory assets as % of total assets decrease?
What is the expected close date for Commonwealth?
Explain the lowered 2025 Core G&A outlook.
What's driving LPL's industry-leading asset retention?
How will LPL preserve Commonwealth's culture?
What's the long-term G&A growth target?
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Next LPL Financial earnings date
Q3 202530 Oct, 2025
Next LPL Financial earnings date
Q3 202530 Oct, 2025
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Frequently asked questions
LPL Financial Holdings Inc provides an integrated platform of brokerage and investment advisory services to its clients under the brand name LPL Financial; through its subsidiaries, which include LPL Financial LLC and LPL Financial Corp. It supports approximately 17,000 financial advisors, including over 7,200 independent advisors and over 9,700 advisors with broker-dealers, banks and credit unions across the country by providing them with the services and resources they need to help grow their businesses.
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